http://wikitravel.org/wiki/en/api.php?hidebots=1&days=7&limit=50&target=Port_of_Spain&action=feedrecentchanges&feedformat=atomWikitravel - Changes related to "Port of Spain" [en]2017-08-18T05:49:18ZRelated changesMediaWiki 1.28.0http://wikitravel.org/wiki/en/index.php?title=Venezuela&diff=2492746&oldid=2490308Venezuela2017-08-13T19:14:19Z<p>‎<span dir="auto"><span class="autocomment">Buy</span></span></p>
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<td colspan='2' style="background-color: white; color:black; text-align: center;">← Older revision</td>
<td colspan='2' style="background-color: white; color:black; text-align: center;">Revision as of 19:14, 13 August 2017</td>
</tr><tr><td colspan='4' style='text-align: center;' class='diff-multi' lang='en'>(One intermediate revision by the same user not shown)</td></tr><tr><td colspan="2" class="diff-lineno" id="mw-diff-left-l237" >Line 237:</td>
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<tr><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Venezuela's currency is the '''Bolivar Fuerte''' (BsF), which replaced the old bolivar on January 1, 2008 at the rate of 1 BsF to 1000 old Bs. Venezuela's currency has been in a period of double-digit inflation for the past several years, so keep in mind that any information you see from tour guides or blogs regarding prices quoted in BsF and exchange rates may be out of date and, consequently, widely inaccurate. Prices quoted in US dollars from old guides are, however, likely to still be approximately the same when converted using the informal exchange rate (July 9300 BsF = 1 US$).</div></td><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Venezuela's currency is the '''Bolivar Fuerte''' (BsF), which replaced the old bolivar on January 1, 2008 at the rate of 1 BsF to 1000 old Bs. Venezuela's currency has been in a period of double-digit inflation for the past several years, so keep in mind that any information you see from tour guides or blogs regarding prices quoted in BsF and exchange rates may be out of date and, consequently, widely inaccurate. Prices quoted in US dollars from old guides are, however, likely to still be approximately the same when converted using the informal exchange rate (July 9300 BsF = 1 US$).</div></td></tr>
<tr><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>Due to strict currency controls in place since 2003 bolivars are not easily convertible by official means neither in or outside the country. Theoretically, there exist two official exchange rates in Venezuela: one for imports of medicine, food, and other essentials which gives 10 BsF per US dollar, and one exchange rate (DICOM) which gives <del class="diffchange diffchange-inline">2810 </del>BsF per US dollar (<del class="diffchange diffchange-inline">July </del>2017) for all other purposes. In practice, the dollar supply available for the DICOM exchange is insufficient to meet demand, and on the informal exchange market you will receive around <del class="diffchange diffchange-inline">6500 </del>BsF per US dollar. Withdrawing money from an ATM will give you the DICOM rate of 2800 BsF per dollar, i.e. approximately 1/4th the value you would get by converting foreign currencies in cash to BsF. The informal exchange rate is the one most likely to be encountered by both locals and foreigners, unless they have connections to the government or major industries. The daily-variable informal exchange rate can be found on Dolar Today [https://dolartoday.com/]. Except for certain items which are price-fixed (e.g. gasoline, sugar, rice, coffee, bread), most items will fluctuate in price according to the informal exchange rate. These exchange programs also change quickly and can be difficult to navigate or find up-to-date news on without a Venezuelan to help you, e.g. DICOM replaced the previously-existing SIMADI exchange rate. &#160;</div></td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>Due to strict currency controls in place since 2003 bolivars are not easily convertible by official means neither in or outside the country. Theoretically, there exist two official exchange rates in Venezuela: one for imports of medicine, food, and other essentials which gives 10 BsF per US dollar, and one exchange rate (DICOM) which gives <ins class="diffchange diffchange-inline">2970 </ins>BsF per US dollar (<ins class="diffchange diffchange-inline">August </ins>2017) for all other purposes. In practice, the dollar supply available for the DICOM exchange is insufficient to meet demand, and on the informal exchange market you will receive around <ins class="diffchange diffchange-inline">12000 </ins>BsF per US dollar. Withdrawing money from an ATM will give you the DICOM rate of 2800 BsF per dollar, i.e. approximately 1/4th the value you would get by converting foreign currencies in cash to BsF. The informal exchange rate is the one most likely to be encountered by both locals and foreigners, unless they have connections to the government or major industries. The daily-variable informal exchange rate can be found on Dolar Today [https://dolartoday.com/]. Except for certain items which are price-fixed (e.g. gasoline, sugar, rice, coffee, bread), most items will fluctuate in price according to the informal exchange rate. These exchange programs also change quickly and can be difficult to navigate or find up-to-date news on without a Venezuelan to help you, e.g. DICOM replaced the previously-existing SIMADI exchange rate. &#160;</div></td></tr>
<tr><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Officially, it is not allowed to speak about or publicize the informal market exchange rates. In practice, it is commonly done. However, take care if you are unaware of what you are doing and not with any locals who can help you, as you could find yourself either scammed or arrested.</div></td><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Officially, it is not allowed to speak about or publicize the informal market exchange rates. In practice, it is commonly done. However, take care if you are unaware of what you are doing and not with any locals who can help you, as you could find yourself either scammed or arrested.</div></td></tr>
<tr><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>−</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #ffe49c; vertical-align: top; white-space: pre-wrap;"><div>'''Most Venezuelans will advise that you not even think about coming to visit unless you have a local friend in the country who can help you navigate the currency system.''' At the &quot;official&quot; exchange rate, $100 = 70,000 BsF, while at the &quot;parallel rate&quot;, $100 = <del class="diffchange diffchange-inline">650</del>,000 BsF which would be a middle class professional's monthly salary. Venezuela's currency is in a period of severe inflation, sometimes categorized as hyperinflation. For instance, in <del class="diffchange diffchange-inline">July </del>2017: the exchange rate is 1<del class="diffchange diffchange-inline">$US </del>= 9500 BsF, compared to 1<del class="diffchange diffchange-inline">$US </del>= 3000 BsF in April 2017, and 1<del class="diffchange diffchange-inline">$US </del>= 1000 BsF in October 2016, i.e. the currency has lost 90% of its value in the last 10 months. The exchange rate over time can be viewed on Venezuela Econ's website [https://web.venezuelaecon.com/], which tracks the Dolar Today value over time. Consequently, any price listings you find are likely to be quickly out of date. Although the parallel rate is technical illegal, it is a critical element of life for the locals as it represents one of the only ways that they can actually save money since the Bolivar currency is subject to massive devaluation. Many Venezuelans have bank accounts in the US so you can make an electronic transfer and get local currency that way.</div></td><td class='diff-marker'>+</td><td style="color:black; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #a3d3ff; vertical-align: top; white-space: pre-wrap;"><div>'''Most Venezuelans will advise that you not even think about coming to visit unless you have a local friend in the country who can help you navigate the currency system.''' At the &quot;official&quot; exchange rate, $100 = 70,000 BsF, while at the &quot;parallel rate&quot;, $100 = <ins class="diffchange diffchange-inline">950</ins>,000 BsF which would be a middle class professional's monthly salary. Venezuela's currency is in a period of severe inflation, sometimes categorized as hyperinflation. For instance, in <ins class="diffchange diffchange-inline">August </ins>2017: the exchange rate is 1 <ins class="diffchange diffchange-inline">USD </ins>= 9500 BsF, compared to 1 <ins class="diffchange diffchange-inline">USD </ins>= 3000 BsF in April 2017, and 1 <ins class="diffchange diffchange-inline">USD </ins>= 1000 BsF in October 2016, i.e. the currency has lost 90% of its value in the last 10 months. The exchange rate over time can be viewed on Venezuela Econ's website [https://web.venezuelaecon.com/], which tracks the Dolar Today value over time. Consequently, any price listings you find are likely to be quickly out of date. Although the parallel rate is technical illegal, it is a critical element of life for the locals as it represents one of the only ways that they can actually save money since the Bolivar currency is subject to massive devaluation. Many Venezuelans have bank accounts in the US so you can make an electronic transfer and get local currency that way.</div></td></tr>
<tr><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"></td></tr>
<tr><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Visa and MasterCard are widely accepted, American Express and Diners Club are usually accepted at upscale restaurants, hotels and shopping centers. However, these will all use the SIMADI exchange rate, which will make transactions ±5 times more expensive than using US$ exchanged on the informal market. Merchants always ask for ID before making a credit card transaction (a passport will suffice). ATMs exist all over the country, but are highly discouraged due to gun crime and kidnappings. Furthermore, withdrawing from an ATM will effectively charge you 90% of your withdrawal in fees due to the discrepancy between the SIMADI exchange rate and the practical exchange rate (SIMADI/market, or the ratio 730/6500 as of June 2017). Larger denominations of banknotes are now available, which alleviate the previous problem where individuals would need to carry around bags full of cash to pay for a dinner, as the previous largest banknote was 100 BsF (worth approximately 3 cents b</div></td><td class='diff-marker'>&#160;</td><td style="background-color: #f9f9f9; color: #333333; font-size: 88%; border-style: solid; border-width: 1px 1px 1px 4px; border-radius: 0.33em; border-color: #e6e6e6; vertical-align: top; white-space: pre-wrap;"><div>Visa and MasterCard are widely accepted, American Express and Diners Club are usually accepted at upscale restaurants, hotels and shopping centers. However, these will all use the SIMADI exchange rate, which will make transactions ±5 times more expensive than using US$ exchanged on the informal market. Merchants always ask for ID before making a credit card transaction (a passport will suffice). ATMs exist all over the country, but are highly discouraged due to gun crime and kidnappings. Furthermore, withdrawing from an ATM will effectively charge you 90% of your withdrawal in fees due to the discrepancy between the SIMADI exchange rate and the practical exchange rate (SIMADI/market, or the ratio 730/6500 as of June 2017). Larger denominations of banknotes are now available, which alleviate the previous problem where individuals would need to carry around bags full of cash to pay for a dinner, as the previous largest banknote was 100 BsF (worth approximately 3 cents b</div></td></tr>
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